Startup! India. It’s time to move on.
Article 1/Start up Series
The Government of India has announced ‘Startup India’ initiative for creating a conducive environment for startups in India. The various Ministries of the Government of India have initiated a number of activities for the purpose. The very purpose of that is to attract talented young generation as well as seasoned professionals to the business/corporate environment of India. The said move is surely a welcome move and in this article I am trying to point out the facts and figures in simplest manner for your easy understanding
Who/What is considered as a Start up? Are you eligible?
An entity shall be considered as a Startup upto 5(Five) years of the date of its Incorporation/registration if that entity is working towards innovation, development, deployment or commercialization of new products, processes or services driven by technology or intellectual property. If the turnover of the company crosses Rs. 25 Crore during the said period the said entity will lose the “Startup “Status. If a new entity is being formed as a result of restructuring or splitting up of an existing business entity, then that new entity is not eligible for the benefits of a Startup.